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You and a friend have decided to work on a course project. Frankly, your friend is a less than ideal partner. His skills as a researcher are such that he can review and outline two article a day. Moreover, his hunt and peck style limits him to 10 pages of typing a day. On the other hand, in a day you can produce six outlines or type 20 pages.
a. Who has the absolute advantage in outlining you or your friend? What about typing?
b. Who has a comparative advantage in outlining? In typing?
c. According to the principle of comparative advantage, who should specialize in which task?
Why do economist, as well as some other professionals, take into consideration opportunity cost when making an economic decision? Why don't accountants consider opportunity cost?
Econ 111 - Principles of Economics - Accelerated Treatment - Spring 2013 - First Midterm Examination. If Jim's income goes down, his optimal consumption changes from point A to point B. What type of goods are cheese and milk for Jim? Briefly, why
If you both bring supplies to squeeze your own lemons, you can keep up with flow of customers, can charge more per cup and make about an average of $54.60 If you both bring some awful, over-sweetened powdered lemonade mix, you can keep up with th..
as the fund manager for a large mutual fund you are preparing for a conference call with all your major investors.
Direct and positive relationship between a firm's size and its top-level managers' compensation. Explain what inducement you think that relationship provides to upper-level executives.
in order to answer the questions you will have to analyse the datasetattached via usinggretl or other statistic
What happens to the federal funds rate when the Federal Reserve increases bank excess reserves and the money supply through open market operations What happens to the federal funds rate when the Federal Reserve decreases.
The price of money is called the interest rate. Suppose that when the interest rate is 2%, the demand for money is $1000 and when the interest rate is 7% the demand for money is $500. Write an equation for this relationship in slope-intercept form
What is the responsibility of individuals in the cost of their care Are health savings accounts and high deductible insurance policies an approach that should be expanded What are the concerns for low-income individuals
Explain how equilibrium would be restored in the circular flow of income if there were a fall in investment.
The question is fron Economics and the question is explore about calculating the breakeven point of a firm whose fixed cost and variable costs are given along with few scenarios.
Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information. what is the total cost of production when the firm hires 7 workers.
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